Reinsurance News
property and casualty
Property and casualty insurance and reinsurance news, covering the P&C sector of the global marketplace.
Bay Harbor Re expands letter of credit facility to $150m
6th November 2024
Bay Harbor Reinsurance Company, a reinsurer focused on the US Property and Casualty program marketplace, has announced the expansion of its letter of credit facility to $150 million with Comerica Bank. This increase highlights the company's financial stability and ongoing commitment to providing long-lasting, bespoke solutions that cater to the unique ... Read the full article
WTW launches ResQ Machine-led Reserving for enhanced P&C accuracy and efficiency
29th October 2024
WTW, an advisory, broking, and solutions firm, has introduced ResQ Machine-led Reserving—a transformative technology designed to help insurers and reinsurers improve accuracy and efficiency in property and casualty (P&C) reserving. ResQ Machine-led Reserving leverages proprietary algorithms to enhance the core reserving methods in ResQ, WTW’s advanced loss-reserving solution, delivering fully automated, ... Read the full article
AM Best’s outlook on Canada’s P&C segment remains stable despite C$3.1bn cat losses in 2023
24th October 2024
Global credit ratings agency AM Best is maintaining its stable outlook on Canada's property & casualty (P&C) industry, amid significant challenges from catastrophic events in 2023 and this year. The rating agency noted that the stable outlook was driven by a number of factors, including the sector's solid risk-adjusted capitalisation levels, ... Read the full article
Guidewire enhances PartnerConnect Program with new updates and technology innovations
23rd October 2024
Guidewire, a provider of software for property and casualty insurers, has rolled out major enhancements to its PartnerConnect program, alongside new technology innovations. These updates are designed to help insurers modernise their systems, improve customer experiences, and accelerate growth. In addition to revealing new partnerships and updates to the Guidewire Marketplace, the ... Read the full article
Moody’s remains stable on Nordic P&C and Life insurance sectors
23rd October 2024
Moody's outlook remains stable for the Nordic property and casualty (P&C) and life insurance sectors, which according to the firm, reflects both sectors' robust overall profitability and solvency. Analysts at Moody's have suggested that improving economic conditions will drive growth in sales of both P&C and life products. The firm explained: "In ... Read the full article
Triple-I & Milliman reveals US P&C H1’24 are underwriting results better than expected
11th October 2024
According to the latest forecasting report by the Insurance Information Institute (Triple-I) and collaborating partner, Milliman, the first-half economic and underwriting results for the US property and casualty (P&C) industry were better than expected. The report, Insurance Economics and Underwriting Projections: A Forward View discloses that the net combined ratio (NCR) ... Read the full article
US P/C mutual insurers demonstrate strength amid persistent challenges: AM Best
19th September 2024
According to a recent report from AM Best, a credit rating agency specialising in the insurance industry, US property and casualty (P/C) mutual insurance companies have used investment income to help cushion the financial impact of weather-related challenges, which have caused fluctuations in underwriting performance. The latest Best’s Market Segment Report, ... Read the full article
Material softening of the P&C Re market not expected heading into 2025: Goldman Sachs
18th September 2024
According to Goldman Sachs, the market backdrop for property & casualty (P&C) reinsurance remains favourable, following rates hardening following the impact of Hurricane Ian, and 2023 seeing the strongest subsector return on equity's (ROEs) of the past seven years. Analysts noted that P&C Re risk-adjusted rates have been stable to moderately ... Read the full article
US P&C sector’s net income skyrockets to $97.6bn in H1’24: AM Best
17th September 2024
According to AM Best, the US property & casualty (P&C) industry recorded a $3.8 billion net underwriting gain in the first six months of 2024, a major improvement from the $24 billion loss reported in the previous year. The agency stated that the turnaround in the personal lines segment was primarily ... Read the full article
Workers’ comp continues to outperform every line of business in US P&C, says AM Best
13th September 2024
According to ratings agency AM Best, the workers' compensation (WC) segment is continuing to outperform every other lines of business in the US property & casualty (P&C) sector, reinforced by ongoing declines in loss frequency and favorable reserve development. AM Best states that the workers’ compensation line has been more profitable than ... Read the full article
Moody’s revises outlook for UK P&C to stable, life remains unchanged at stable
12th September 2024
Moody's Ratings has revised its outlook for the UK property & casualty (P&C) sector to stable from negative, which the agency attributes towards P&C personal lines cover, such as motor insurance, rising sufficiently to absorb claims inflation. The agency also noted that its outlook for the UK life insurance sector remains ... Read the full article
QBE NA expands support for Blue Forest to help prevent catastrophic wildfires
11th September 2024
QBE North America, a provider of property, casualty, and specialty insurance, has extended its support to Blue Forest, a conservation finance nonprofit focused on restoring forests, protecting watersheds, and preventing catastrophic wildfires. Until November 15, 2024, QBE’s Possibilities Fund will match dollar-for-dollar, up to $200,000, any donation of $100 or more ... Read the full article
Rise in P&C demand in a volatile market draws attention at RVS’24: Swiss Re
9th September 2024
Swiss Re expects growing demand for reinsurance protection to be a key topic of discussion at the 2024 Rendez-Vous de Septembre. As it has been noted, there has been a growing demand for protection in property and specialty lines driven by elevated natural catastrophe risks, macroeconomic instability and politically charged environment Urs ... Read the full article
NFP acquires Scott Litman Insurance Agency, expanding P&C expertise in Southern California
5th September 2024
NFP, a company under Aon and a broker in property and casualty (P&C) insurance, benefits consulting, wealth management, and retirement plan advising, has announced its acquisition of Scott Litman Insurance Agency (SLIA). SLIA, based in Calabasas, California, is a P&C broker with expertise in habitational risk. Scott Litman, President of SLIA, will ... Read the full article
IAT Insurance Group to boost claims process with CLARA’s generative AI solution
2nd September 2024
IAT Insurance Group, a specialty property and casualty insurance carrier, has selected CLARA Analytics Claims Document Intelligence Pro (Claims DocIntel Pro) as its newest AI platform to boost its auto and general liability claims process. According to the announcement, Claims DocIntel Pro has been chosen to review legal demands and medical ... Read the full article
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